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Saudi Arabia Pursuing Expansion of Infrastructure, Healthcare and Roads


Saudi Arabia : 25 April

Saudi Arabia is currently pursuing a programme of investment which will include a large amount of investment in areas such as health care, roads and general infrastructure between 2010 and 2013. Saudi Arabia has awarded development contracts worth in the region of $5.6 billion during the first three months of this year however this was almost 50% lower than for the first quarter of 2009.

A chief economist with the Banque Saudi Fransi, Riyadh said that there are definitely clear signs of a recovery being seen and the fact that spending is lower is largely due to the fact that spending this year will not be evenly spread out over the twelve month period but will happen at different intervals so it will be necessary to record spending levels over the entire twelve month period of 2010 to get a truly accurate picture. He also reiterated that government spending is most definitely on track at the moment.

In the last three months of 2009 development contracts were up $3.5 billion when compared to spending recorded for the same period the year before. The largest amount of spending was on construction projects such as roads, schools and hospitals. In December last year the government announced that it will be raising investment spending by just over $69 billion this year. It was estimated by the IMF that economy of Saudi Arabia will grow by 3.7 percent this year in comparison to 0.15 percent in 2009

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
25 April

Payment Defaults on Bad Bank loans are decreasing

New figures that have just been released suggest that the number of loan reschedules and foreclosures will decrease somewhat over the coming months. Many mortgage lenders in the UAE are predicting that non-performing loans will start to ease off although recent statistics released by the Central Bank show that Banks have increased their provisions for [...]

25 April

Banks in the UAE are Back in Business

UAE Banks extended nearly DH 7 billion in credit in the first quarter of 2010 and this is being seen as a progressive step in the resumption of full services by all Banks in the United Arab Emirates.
These figures released by the Bank show that there was also a substantial increase in deposits lodged in [...]

21 April

Gulf Co-operation Council Countries will see Employment grow for 2011

Officials in Recruitment firms across the UAE are predicting good job growth within many sectors for 2011. While there will be opportunities across the board many of them will be at executive levels among local and multinational companies.
At present employment opportunities seem to be the most abundant in Abu Dhabi and Saudi Arabia however this [...]

21 April

Middle East Looking Positive after Global Downturn

Middle East countries have shown an overall growth of 1.4% in 2009 despite the world climate it was announced yesterday at a one day conference which was organized by Coface in conjunction with Kuwait Arab Investment and Export Credit Guarantee Corporation.
In the world overall Gross Domestic Product declined by 5.8 percentage points and this [...]

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